Share Name Share Symbol Market Type Share ISIN Share Description
Ent.Inns LSE:ETI London Ordinary Share GB00B1L8B624 ORD 2.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.75p +0.82% 92.75p 92.50p 93.00p 93.00p 91.00p 91.00p 157,577 16:35:18
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 625.0 -71.0 -13.0 - 460.98

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Date Time Title Posts
06/9/201623:27Enterprise Inns - "Value" or "Growth" stock?757
07/1/201516:48Enterprise Inns - Call the Debt Doctor NOW !835
23/9/200919:40860 p target12

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Ent.Inns Daily Update: Ent.Inns is listed in the Travel & Leisure sector of the London Stock Exchange with ticker ETI. The last closing price for Ent.Inns was 92p.
Ent.Inns has a 4 week average price of 91.48p and a 12 week average price of 90.07p.
The 1 year high share price is 116p while the 1 year low share price is currently 69.80p.
There are currently 497,012,204 shares in issue and the average daily traded volume is 303,649 shares. The market capitalisation of Ent.Inns is £460,978,819.21.
jeffian: If they're no mugs, they're certainly taking their shareholders for one. Where is this getting us? £25m up the swannee and nothing to show for it. Share price lower than when we started and no dividend. "...a clear path to maximising shareholder value......a returns-based approach to the allocation of available capital"? My @rse!
jeffian: You sound like management, HP! The NAV has been over 280p for years and where has that got us?! Shareholders can't access "NAV", they can only receive a divi or sell their shares (currently 94p vs 96p when this ill-fated buyback started). If management are relying on "NAV", but can't deliver it in terms of the share price then, as I pointed out at the last AGM, the obvious solution is to liquidate the company and return cash to shareholders.
jeffian: Stepone68 You miss my point entirely. I quite understand the principle that reducing the shares in issue raised both NAV and eps but if this is not reflected in the share price it is a completely ineffectual way of "returning surplus cash" to shareholders. Even before the current buybacks, the company have been bleating for years that their NAV is nearly £3 and what good has that done the share price for the past few years? Precisely nothing. Remember, they have form, having spent nearly £1bn buying shares up to nearly £8. Where's that cash now? Up the Swanee. I repeat my question - they're spending £25m of our "surplus" cash this year. Does any shareholder feel they have received that value? As for Brexit, see my comments above. You,re joking. The shares have been languishing for years and, other than the very short term volatility that affected the whole market for a day or two, they're back in they're normal range.
stepone68: Jeffian, buying back shares reduces the number of shares in issue, meaning you personally own a bigger piece of the company. The buybacks don't 'artifically' increase per share figures, they *actually* increase per share figures. You can argue about whether it's the right thing to do, but in general if the shares are below NAV, it would seem to be a reasonable action. I think the fall in share price you are highlighting is more to do with Brexit than anything else.
jeffian: Well this is going well isn't it?! Since the announcement of the share buyback scheme on 22 March - £25m (enough for a 5p dividend) "returned to shareholders" eh? Any shareholders here received any "value"? Feel the benefit of the rise in underlying NAV? No, nor do I. It will be no good moaning about Brexit or whatever (and the share price was going nowhere before that outcome), this is a lesson for the Board that they do not control the share price, the market does. They should focus on the things which are under their direct control - revenues, profits, cashflow and dividends - and let the share price take care of itself.
jeffian: I'm hopping mad. I've had several meetings with Simon Townsend and he knows my views on this matter. If they had £25m free cashflow, that would have paid for a 5p dividend which would have supported the share price and genuinely "returned value to shareholders". As it is, they're going to blow it on repurchasing their shares which, of course, artificially enhances eps and NAV per share (a metric for their bonuses?) but does not in any way give value to shareholders who have had 8 years without a dividend and negative Total Shareholder Return. They say they are restructuring the company. What they need to give shareholders is a vision of how they will be rewarded down the line. They keep saying that NAV is 280p/share but we can only sell our shares today for under £1. What's the vision? How are they going to get that value to us? At the last AGM I pointed out that if it took 5 years to get back to NAV or close to it, they might as well liquidate now and give us our money back. As you can imagine, that went down like a lead balloon. I have no doubt that the company has good management and they are doing their best in difficult circumstances, but I'm not sure they are focussed on shareholder value. I think they are looking at firefighting, keeping their bondholders happy and keeping their own jobs.
timbo003: I think this is one of the rare occasions that share buybacks are a more efficient way of returning money back to shareholders than dividends. Looks like they will continue buybacks unless share price exceeds 150p/share, see slide 104 from the Capital markets day presentation last week: Note to self: latest NAV/share (from the 2015 AR): Our balance sheet remains strong with a total net asset value of £1.35 billion (2014: £1.40 billion). Gross property assets are the most significant assets in the balance sheet and are recorded at £3.7 billion (2014: £3.9 billion) of which 92% (2014: 47%) is valued on an annual basis by external, independent valuers. Group net debt includes the most significant liabilities in the balance sheet and has reduced to £2.3 billion (2014: £2.4 billion) during the year. The share price at 30 September 2015 of £1.08 (2014: £1.24), which equates to an equity value of £541 million, compares to a net asset value per share of £2.70 (2014: £2.80). The differential between net asset value and market value reflects current market sentiment but does not, we believe, reflect the underlying value of the Group.
jeffian: Not sure that 1.6% L-4-L growth (which isn't the same as revenue growth as the size of the estate contracts and overheads increase) answers Barclays point which was mainly about debt levels and execution risk. The success or otherwise of the new strategy lies in share price performance - it's no good creating "shareholder value" if shareholders can't access it and meanwhile every £1 of our cash 'invested' in the new estate model immediately becomes 30p while the shares stand at this discount to NAV. I shall be attending the AGM today and report back.
hybrasil: Jeffian I read the annual report. Extremely long winded. Very worrying that they could not manage the "expert managed" themselves. I have worked for publicans all my life and simply I could not see that happening for any of them that I know. I looked at the figures again and if you allow for the costs of sale and getting rid of issues at around 10% you might end up with £1.50 a share. Thats nearly double the share price though. The one plus is that it does not have a significant pension liability. It has a very expensive board. I think it could fall further over the next few days and I will consider a punt if it does
hybrasil: I have just read back through the last five years of results and I cannot work out the reason for the rise in the companies share price from late 2011. The one thing that is clear is that the only people who have done any good here is the bondholders. They in addition to their annual payments got an 8% uplift on the last redemption. Barclays are in my opinion right. They could find it find it difficult to raise money. If I were a substantial shareholder I would want to know how I was going to get value for my stake. I think they have to do one of two things a) Get rid of debt entirely. Slim down massively the management. You will then have a company that could comfortably afford a 5% dividend yield with retained cash for expansion. b)My preferred option. Sell everything. The shareholders would on my back of the envelope calculation get £1.40 each. Any one have any other thoughts?
Ent.Inns share price data is direct from the London Stock Exchange
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